The Expert Advisor Buying Checklist: 15 Questions to Ask Before You Pay for an MT5 EA

How to use this checklist

Go through the questions in order, and write the answers down. A good seller can answer almost all of them from the product page or the manual. Where the answer is missing, ask. Where the seller refuses or avoids the question, treat that as information. The questions are grouped into five areas: who and what you are buying, compatibility, evidence, risk, and the commercial terms.

Part 1: Who is selling, and what exactly are you buying?

1. 1

   Step 1: 1. Who built the EA, and who is selling it?

   Look for a named developer or company, a contact route and a history. If the seller is a reseller rather than the developer, the page should say so, and it should say on what basis the product is sold.

2. 2

   Step 2: 2. Which version is it, and what changed?

   A version number and a change log show that the product is maintained. Check that the version on the page matches the file you receive.

3. 3

   Step 3: 3. What does the licence allow?

   Find out how many accounts you can run it on, whether demo and live count separately, whether you can move it to another broker or computer, whether VPS use is allowed, and what happens to updates. Our guide to lifetime, subscription and rental licences explains the terms.

4. 4

   Step 4: 4. Do you get the right to use what you are paying for?

   If the price is far below other listings for the same named product, ask why. A legitimate low price has an explanation, such as a different edition, a limited licence or a sale. Our guide on buying a cheap MQL5 EA safely covers the checks.

Part 2: Will it run on your setup?

1. 1

   Step 1: 5. MT4 or MT5, and which symbols?

   An .ex4 file runs only on MetaTrader 4 and an .ex5 file only on MetaTrader 5. Confirm the symbol and timeframe too, since many EAs are built for one market, as covered in MT4 versus MT5.

2. 2

   Step 2: 6. Hedging or netting account?

   Some EAs hold opposite positions and need a hedging account. On a netting account those trades merge, and the strategy breaks.

3. 3

   Step 3: 7. Does your broker allow it, and at what cost?

   Check the broker's terms on automated trading, scalping and hedging, and compare the spread and commission with those the vendor tested. For European accounts, also check that the margin needs fit the leverage limits.

Part 3: What is the evidence?

1. 1

   Step 1: 8. Is there a backtest you can reproduce?

   Ask for the test model (real ticks is the closest to live), the date range, the spread and commission, and the settings file. Then run it yourself. If your result is far worse, find out why. See how to read a backtest report.

2. 2

   Step 2: 9. Is there a dated live or demo record?

   A link to an independent track-record page with the broker, start date and trade history is worth far more than a screenshot. Learn how to read one in our guide to verifying an EA track record.

3. 3

   Step 3: 10. What is the maximum drawdown, and how long did it last?

   Ask for both balance and equity drawdown. A profit figure with no drawdown is half a number. Use the drawdown calculator to see what recovery would take.

Part 4: How does it handle risk?

1. 1

   Step 1: 11. Is there a stop loss on every trade?

   If not, find out what ends a losing position. Open-ended exposure is the pattern behind most blown accounts.

2. 2

   Step 2: 12. Does it use a grid or martingale?

   These raise the position size or add positions as price moves against the EA. They can look very smooth until one move breaks them. They may still suit some traders, but the seller should state it plainly. Read the risks of grid and martingale EAs.

3. 3

   Step 3: 13. Does it need a DLL or an external web address?

   Some EAs ship a DLL or use WebRequest for news. Only allow those for a seller you trust, and only for the exact address documented.

Part 5: The commercial terms

1. 1

   Step 1: 14. What is in the package, and how do you get support?

   Look for the EA file, a setfile, a manual and a stated way to ask questions with a response time. Check what is covered if the platform updates.

2. 2

   Step 2: 15. What is the refund policy, in writing?

   Read it before you pay, not after. Digital products are often subject to special rules, and the policy should say what counts as a valid claim and how long you have. You can see how another store sets this out in our own refund policy, and compare it with any seller you are considering.

After you buy, the work continues: install it carefully (see how to install and run an EA on MT5), size it to your account (how much money you need), and test it before real money is at risk.

Phrases on sales pages and what they usually mean

After you buy

1. 1

   Step 1: Save your records

   Keep the order confirmation, invoice, licence text, product version and the file you downloaded. Save a copy of the product page as it was on the day you paid.

2. 2

   Step 2: Check the package against the page

   Confirm the files match what was promised: the EA, setfile, manual and any extras. If anything is missing, report it straight away and in writing.

3. 3

   Step 3: Install and test on demo first

   Do not attach a new EA to a live account on the day you buy it. Follow the demo and forward test steps in this site's other guides.

4. 4

   Step 4: Write down your stop rule

   Decide the drawdown or time period after which you will switch the EA off and review it, before it has made any trades.

5. 5

   Step 5: Raise problems early

   If the EA behaves differently from the page in the first weeks, contact the seller with logs and screenshots while the refund period is still open.